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Opinion: "Cashless Society" Will Need Privacy Provisions

FINANCIAL PRIVACY

April 5, 2012

In a feature for The New York Times, George Mason University Senior Research Fellow Jerry Brito writes of Canada's move to eliminate the penny in coin form, suggesting it is "almost inevitable that digital money will soon replace not just the penny, but all physical money--in the U.S., Canada and elsewhere." While that makes sense in terms of costs and efficiency, he notes, "when it comes to privacy and freedom, cash can't be beat." In the move toward a "cashless society," Brito writes, "preserving some untraceable payment method" is necessary to "defend consumers' privacy and limit the power of government and businesses." (Registration may be required to access this story.)
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